At first glance, Amazon (AMZN 0.21%) shares don’t look cheap. The stock trades at about 35 times earnings as of this writing and about 31 times forward earnings. That is not exactly a bargain multiple for a company in the middle of one of the biggest spending cycles in its history as the era of artificial intelligence (AI) unfolds.

But I think that lens misses several important parts of the bull case for the stock. Indeed, I think the valuation is cheaper than it appears on the surface, once you consider Amazon’s momentum in key segments and its attractive price-to-operating cash flow multiple.

Imag source: Getty Images.

Accelerating momentum

First, investors should consider the impressive trajectory of Amazon’s business.

The…